How we zeroed in on the country's best Insurers
How we zeroed in on the country's best Insurers
- Apr 7, 2016,
- Updated Apr 11, 2016 4:45 PM IST
As per the Insurance Regulatoryand Development Authority annual report, India is ranked 11 among 88 countriesin the life insurance business. India's share in the global life insurance marketwas 2.08 percent in 2014. The share of non-life insurance premium was just 0.69percent; India ranked 20 among non-life insurance markets.
In the first decade ofinsurance liberalization, the sector reported a consistent increase ininsurance penetration from 2.71 percent in 2001 to 5.20 percent in 2009.However, since then, it has been declining, and reached 3.3 per cent in 2014.We still are far from understanding and adopting the concept of insurance.
To encourage insurers to keepserving the population at large, we decided to honor the best life insurancecompany, the best general insurance company and the best health insurancecompany based on five broad parameters. PolicyBazaar is our knowledge partnerfor the insurance category.
The parameters along withsub-parameters and weightages are given below. Scores for each insurer werecalculated according to the weightages. The insurer with the highest score wasthe winner.
New India AssuranceCo Ltd is a government owned general insurer operating in 28 countries andheadquartered in Mumbai. It claims to have over 170 products catering to almostall segments of the general insurance business, including petrochemical/oil& energy assets, power & steel plants, aviation fleets, satellites,large projects (including in infrastructure) and small and medium enterprises.
It has been expanding fast withgross premium income (in India) of Rs 13,209 crore in 2014-15 as against Rs11,540 crore in 2013-14. Its market share increased to 15.60 per cent from14.88 per cent during the period. It is the first Indian non-life company toreach Rs 16,050 crore gross premium. In 2014-15, it recorded the highest profitin India among all general insurers. It has presence across India through 2,097offices, including more than 1,041 micro offices. It has 19,000 employees andaround 50,000 tied agents with over 170 products catering to varied customers.
As per the Insurance Regulatoryand Development Authority annual report, India is ranked 11 among 88 countriesin the life insurance business. India's share in the global life insurance marketwas 2.08 percent in 2014. The share of non-life insurance premium was just 0.69percent; India ranked 20 among non-life insurance markets.
In the first decade ofinsurance liberalization, the sector reported a consistent increase ininsurance penetration from 2.71 percent in 2001 to 5.20 percent in 2009.However, since then, it has been declining, and reached 3.3 per cent in 2014.We still are far from understanding and adopting the concept of insurance.
To encourage insurers to keepserving the population at large, we decided to honor the best life insurancecompany, the best general insurance company and the best health insurancecompany based on five broad parameters. PolicyBazaar is our knowledge partnerfor the insurance category.
The parameters along withsub-parameters and weightages are given below. Scores for each insurer werecalculated according to the weightages. The insurer with the highest score wasthe winner.
New India AssuranceCo Ltd is a government owned general insurer operating in 28 countries andheadquartered in Mumbai. It claims to have over 170 products catering to almostall segments of the general insurance business, including petrochemical/oil& energy assets, power & steel plants, aviation fleets, satellites,large projects (including in infrastructure) and small and medium enterprises.
It has been expanding fast withgross premium income (in India) of Rs 13,209 crore in 2014-15 as against Rs11,540 crore in 2013-14. Its market share increased to 15.60 per cent from14.88 per cent during the period. It is the first Indian non-life company toreach Rs 16,050 crore gross premium. In 2014-15, it recorded the highest profitin India among all general insurers. It has presence across India through 2,097offices, including more than 1,041 micro offices. It has 19,000 employees andaround 50,000 tied agents with over 170 products catering to varied customers.